Also heard a rumor about mid-year adjustments. Anyone else?
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On the voluntary attrition front, saw a metric that showed many areas at double the target percentage or more. I wonder if the leadership in those areas get a nice bonus for driving away more people...
@yka But promotion and pay bumps help curb voluntary attrition. They're trying to actively encourage voluntary attrition to avoid layoffs and severance pay, as a cost savings measure. The current toxic environment is by design.
I would think that just because they promote or give someone a raise now doesn’t mean they won’t lay someone off six months or a year from now. They’ve already shown that they don’t really care.
They’re just trying to cover up their own mistakes to keep people working.
Unfortunately, most of the bloat is due to inefficient work. Sometimes that is the fault of the department for not trying to continuously improve and evolve. Other times that is due to our archaic tools that do not allow for improvement. If you are not driving your teams to improve efficiencies, you will be noticed.
Does anyone know what is target attrition now? What are they after at this point of time? I get it that WF is still has worst efficiency ratio numbers compare to other big bank.
I have a couple people on my team im hoping to promote. last couple years it was always a big fat no and to wait for year end but this year I was told to write it up and we'll see what we can do. I think for top talent that they don't want to lose they are being a little more giving this time around.
When groups claim to be understaffed and overworked, what are they pointing at? Service levels, quality scores, etc?
There was a post a few back about eff ratios. We're fatter than everyone and industry comparisons are definitely being generous about our headcount.
So overweight, yet so starved for people? Sounds ominous
By mid year adjustments I assume you mean they're going to adjust the co---m cus all I've been getting is screwed.
Nah, This was in managers meeting from our Director, not this site.
Managers have been given flexibility to promote associates to retain the remaining top performers in our group since several have left in the last month.
The bank is still trying to drive more attrition, we haven't met our goal yet. We're not going to be giving midyear promos/raises in the middle of actively driving attrition.
Yes. CB MMB. Promotions and pay adjustments. Attrition has been very high.
Bank of America is doing midyear pay raises, not Wells Fargo.
The telephone game is people heard this, someone says maybe Wells Fargo will do the same, the next people twist that and say I heard rumors Wells Fargo is doing midyear pay raises.
A really nice middle finger to all the folks who already left
I know for a fact they are reviewing salaries vs competition but not sure if that translates to a mid year bump for meets aka 60 percent of us. We have multiple people with a shoe out the door and a few managers are trying to retain them but without the appropriate tools or SVB support to do so. This place shoots themselves in the foot every turn.
I've seen midyear promotions, but not frequently. Be interesting to see what happens on that front. I wouldn't count on pay increases, but hey, who knows. Probably just tech with their "current skills" affected though (snort).
https://www.businessinsider.com/great-resignation-pay-gap-new-hires-earning-more-2022-5
Here’s a business insider article that speaks to potential mid year pay raises. It’s not wells specific however it still holds true. Companies are realizing that they have to pay for loyalty especially as gen z becomes more and more of the workforce. That’s multiplied for a company like wells where they’re understaffed and always in the news.
Long gone are the days where employees know new hires make more but don’t talk about it or just deal with it for the sake of stability. Okay orders are more willing than ever to jump ship for a pay bump.
Attrition is off the charts across SvB space - every area is affected. Every. Area. Forget this “hired more than is leaving”, it’s not true. They actually thought since deadlines are still getting hit maybe they were over staffed to begin with! It is absolutely shocking to hear how disconnected they are while a core group of people are being run into the ground.
In my own team a contractor quit because of workload demands! A contractor! The guy had worked in WF tech several times before, too. This time he was like, nope! He’s not alone, either. Two other contractors in partner teams didn’t last 3 months - and they were pretty good.
I think the penny has finally dropped that while they are losing headcount, absolutely a goal, it’s the actual talent leaving and if this mid year business is true, it’s a Hail Mary to stem the outflow of people who make things happen. Probably too little, too late.
from what I hear there does seem to be movement around pay and promotions this mid year which is something I've not experienced in the past. my guess top performers who are at higher risk of leaving will probably have a better mid year than most.